No, not a flipper. It was our primary residence and so we can claim the exclusion, but I will still owe the 500K even after that! Let me break it down into two sub questions:
1. Do the gain and loss have to be of the same type to offset each other? long term versus short term or property versus stocks?
2. Does each S100 of loss cancel $100 of gain so that the loss actually saves me $25 if the tax rate is 25%?
